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Volume 8, Issue 8

February 21, 2018

UNITED STATES DEBT MARKET


US LIBOR US TREASURY YIELD CURVE
250 bps 6.00%

5.00%
200 bps
4.00%
150 bps
3.00%
100 bps
2.00%
50 bps 1.00%
30yr Avg 15yr Avg Today (2/21/18)
0 bps 0.00% I I I I I I
Feb-17 May-17 Aug-17 Nov-17 Feb-18 2 3 5 7 10 30
1 Month 3 Month 6 Month 2yr 3yr 5yr 7yr 10yr 30yr
160 bps 189 bps 212 bps 2.26% 2.39% 2.65% 2.74% 2.89% 3.15%

10 YEAR US SWAP RATES 10 YEAR US TREASURY


3.00% 3.00%

2.50% 2.50%

2.00% 2.00%

1.50% 1.50%
2/21/18 2/21/18
2.90% 2.89%
1.00% 1.00%
Feb-17 May-17 Aug-17 Nov-17 Feb-18 Feb-17 May-17 Aug-17 Nov-17 Feb-18

AVERAGE 10 YEAR US INDUSTRIAL YIELD AVERAGE 10 YEAR US INDUSTRIAL SPREADS


200bps
4.50%

4.00% 150bps

3.50%
100bps
3.00%

2/21/18 2/21/18 50bps


A 2.50% A 78 bps
3.66%
BBB 4.07% BBB 120 bps
2.00% 0bps
Feb-17 May-17 Aug-17 Nov-17 Feb-18 Feb-17 May-17 Aug-17 Nov-17 Feb-18
S&P / LSTA LEVERAGED LOAN INDEX AVERAGE JUNK-BOND YIELD
100.00 7.00%

98.00
6.00%
96.00

94.00
5.00%
92.00
2/21/18 2/21/18
98.50% 5.97%
90.00 4.00%
Feb-17 May-17 Aug-17 Nov-17 Feb-18 Feb-17 May-17 Aug-17 Nov-17 Feb-18

Copyright © 2018 Whitehall & Company LLC


280 Park Avenue, 15th Floor, New York, NY 10017
Office: (212) 205-1380 Fax: (212) 205-1381
www.whitehallandcompany.com
Volume 8, Issue 8
February 21, 2018

SELECT US PRIVATE PLACEMENTS


Date Issuer Type $mm Years Spread Coupon Rating Sector Country
2/16 Jacobs Engineering Group Inc Sr Notes $190 7 155bps 4.27% 2 Industrial US
$180 10 160bps 4.42%
$130 12 170bps 4.52%
2/16 GenRent del Peru SAC Sr Secured $107 19 - 5.88% - Utilities Peru

US PUBLIC MARKET ISSUANCES


SELECT INVESTMENT GRADE ISSUANCES
Date Issuer Type $mm Years Spread Coupon Rating Sector Country
2/15 Enterprise Products Operating LLC Sr Notes $750 3 50bps 2.80% BBB+/Baa1 Energy US
$1,250 30 125bps 4.25%
Jr Subordinated $700 60 260bps 5.38%
2/12 Petroleos Mexicanos Sr Notes $2,500 10 256bps 5.35% BBB+/Baa3 Energy Mexico
$3,329 30 333bps 6.35%

SELECT BELOW INVESTMENT GRADE ISSUANCES


Date Issuer Type $mm Years Spread Coupon Rating Sector Country
2/15 Gran Tierra Energy International Sr Notes $300 7 - 6.25% B+ Energy Cayman
Holdings Ltd Islands
2/14 Rockpoint Gas Storage Canada Ltd 1st Lien $400 5 500bps 7.00% BB- Utilities Canada
2/14 Sanchez Energy Corporation 1st Lien $500 5 495bps 7.25% BB-/B1 Energy US
2/12 TransMontaige Partners LP Sr Notes $300 8 335bps 6.13% BB- Energy US

SELECT CLOSED SYNDICATED LOANS


Date Issuer Type $mm Months Spread Rating Sector Country
2/14 Avis Budget Car Rental Llc Term $1,139 84 200bps - Consumer, US
Non-Cyclical
2/13 Saudi Basic Industries Corporation Bridge Term $3,000 11 - - Basic Materials Saudi Arabia
(SABIC)

CONTACT WHITEHALL
Jon Cody Timothy Page Richard Ashby Todd Brussel Brian Burchfield Matt Cody Roland DaCosta Sim Ketchum Bob Salandra
Managing Director Managing Director Managing Director Managing Director Managing Director Managing Director Managing Director Managing Director Managing Director
(212) 205-1398 (212) 205-1399 (212) 205-1388 (212) 205-1397 (212) 205-1395 (212) 205-1398 (212) 205-1394 (212) 335-2562 (212) 335-2561

Vincas Snipas Van Thorne Geoffrey Wilson Mark Halpin Nadia Zaets Blaine Burke Nicholas Page Sang Joon Lee Aaron Richardson
Managing Director Managing Director Managing Director Director Director Vice President Vice President Associate Associate
(212) 205-1385 (212) 205-1386 (212) 205-1392 (212) 205-1393 (212) 335-2557 (212) 205-1382 (212) 205-1389 (212) 205-1391 (212) 205-1387

Ted Barrett Vitaliy Koretskyy Billy Kovanis Keir Wianecki


Analyst Analyst Analyst Analyst
(212) 205-1396 (212) 335-2551 (212) 335-2550 (212) 335-2552

Source: Bloomberg

This market letter is not to be construed as a recommendation to buy, hold or sell any particular security.

Copyright © 2018 Whitehall & Company LLC


280 Park Avenue, 15th Floor, New York, NY 10017
Office: (212) 205-1380 Fax: (212) 205-1381
www.whitehallandcompany.com

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